Mr Desange said, "Similar to other recent hotel transactions in the Perth CBD, the Criterion Hotel attracted wide ranging investor enquiry from South-East Asian, Chinese and domestic investors. Furthermore, we are continuing to see new entrants to the market, many of whom are well capitalised and in a position to acquire sizeable hotel assets immediately."

"The purchasers were drawn to the location of the hotel and could see immediate trading upside opportunities, particularly given its close proximity to several large scale developments under construction including the Treasury Precinct, May Holman Centre and FESA House." added Mr Desange.

"Mid-scale boutique hotels that are available with vacant possession and have the ability to be repositioned are exceptionally desirable to purchasers. Groups understand the value-add options that these assets offer and the scarcity of them becoming available." said Mr Desange.